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A federal jury today convicted developer Antoin "Tony" Rezko of corruption charges for trading on his clout as a top adviser and fundraiser to Gov. Rod Blagojevich.

Rezko's guilty verdict on 16 of 24 corruption counts could have broad repercussions for Blagojevich, who made Rezko a central player in his kitchen cabinet. It could also prove a political liability for U.S. Sen. Barack Obama, who once counted Rezko as a friend and fundraiser, as the likely Democratic presidential nominee heads into the general election campaign against Republican John McCain.

The 10-woman, two-man jury deliberated for parts of 13 days before convicting Rezko of scheming with Stuart Levine, a longtime Republican insider, to extort millions of dollars from firms seeking state business or regulatory approval.

The jury convicted Rezko of wire and mail fraud, money laundering and aiding and abetting bribery. He was acquitted of attempted extortion.